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Why should you order trusts from DBA Lawyers?

By Daniel Butler, Director and Shaun Backhaus, Lawyer DBA Lawyers Introduction While DBA is recognised as Australia’s leading SMSF law firm, it is  also well known for it’s great depth of tax and trusts expertise. In particular, DBA Lawyers offers an excellent discretionary trust deed that is easy to read, provides great flexibility and reflects [read more]

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Payments above ABP minimum — Reasons to prospectively document a strategy ASAP

Daniel Butler, Director and  Bryce Figot, Special Counsel, DBA Lawyers  Payments above the account-based pension (‘ABP’) minimum annual payment have the potential to become a trap. The June 2017 SMSF Benchmark Report by Class Super states that ‘the average SMSF pensioner withdraws about $74,000 annually on their pension over a series of 12 transactions and [read more]

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Reversionary transition to retirement income streams

William Fettes, Senior Associate, Daniel Butler, Director, DBA Lawyers The new rules that govern when a transition to retirement income stream (‘TRIS’) enters retirement phase give rise to a number of complex issues in the context of reversionary nominations and death. This article examines the retirement phase rules and reversionary TRISs in detail, based on [read more]

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2017 Supreme Court challenge to BDBN fails due to valid service on corporate trustee

William Fettes, Senior Associate, Bryce Figot, Special Counsel, DBA Lawyers Disclaimer: DBA Lawyers provided advice to one of the parties in Cantor Management Services Pty Ltd v Booth. We only mention facts made publicly available in the judgement. The recent decision of Cantor Management Services Pty Ltd v Booth [2017] SASCFC 122 provides important guidance [read more]

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Your discretionary trust may unwittingly be subject to extra duty or land tax

By Shaun Backhaus ([email protected]), Lawyer and Daniel Butler ([email protected]), Director DBA Lawyers Background Foreign purchaser additional duty (‘FPAD’) was introduced in Victoria from 1 July 2015 which adds an extra 7% land transfer duty on residential property purchases in Victoria if there is a foreign beneficiary of your discretionary or family trust (s 28A Duties [read more]

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Is maintaining a second SMSF a Part IVA risk?

Daniel Butler, Director, DBA Lawyers This article examines the query of whether having a second or, indeed even more than two, self managed superannuation funds (‘SMSFs’) would give rise to a Part IVA (of the Income Tax Assessment Act 1936 (Cth) (‘ITAA36’)) risk. Please note that this article is not intended to be a technical [read more]

Demystifying

Demystifying the tax treatment of death benefits paid to the estate

Daniel Butler, Director and William Fettes, Senior Associate, DBA Lawyers The tax treatment of death benefits paid from an SMSF to a deceased member’s estate can be complex. Tax law contains a ‘look through’ provision in respect of death benefits paid to an estate (ie, to a legal personal representative being the executor of a [read more]

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The new age TRIS –– tips and traps

Daniel Butler, Director, DBA Lawyers The transition to retirement income stream (‘TRIS’) entered a new era on 1 July 2017 where most members will want their TRIS to enter retirement phase as soon as possible to gain access to an earnings tax exemption. A new law has provided a roadmap for this TRIS reclassification, but [read more]

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What happens to my SMSF when I die? Dispelling common myths about SMSF life after a member’s death

Daniel Butler ([email protected]), Director, DBA Lawyers There are many myths held regarding what happens to an individual’s self managed superannuation fund (‘SMSF’) when they pass away. Relying on these myths may lead to several undesirable outcomes such as: the wrong people receiving the intended proportion of SMSF assets or superannuation; the wrong people being left [read more]